Enduro Royalty Trust Announces Monthly Cash Distribution
March 21 2016 - 9:15AM
Business Wire
Enduro Royalty Trust (NYSE: NDRO) (the “Trust”) today announced
a cash distribution to the holders of its units of beneficial
interest of $0.009855 per unit, payable on April 14, 2016 to
unitholders of record on March 31, 2016. The distribution primarily
represents oil production during the month of December 2015 and
natural gas production during November 2015.
The following table displays underlying oil and natural gas
sales volumes and average received wellhead prices attributable to
the current and prior month net profits interest calculations.
Underlying Sales Volumes
Average Price Oil Natural Gas
Oil Natural Gas Bbls
Bbls/D Mcf Mcf/D (per
Bbl) (per Mcf) Current Month 66,130 2,133 365,158 12,172
$ 33.55 $ 1.88 Prior Month 68,223 2,274 486,540 15,695 $ 40.28 $
2.55
Oil cash receipts for the properties underlying the Trust
totaled $2.2 million for the current month, a decrease of $0.5
million from the prior month calculation. The decrease was
primarily due to a thirteen percent decline in NYMEX oil prices and
wider differentials in the Permian Basin from November to December
2015.
Natural gas cash receipts decreased $0.6 million from the prior
month, totaling $0.7 million. The decrease was due to decreased
sales volumes resulting primarily from the timing of cash receipts
and decreased natural gas realized prices. As previously disclosed,
the prior month distribution included withheld revenues from one
operator in the Elm Grove field of the East Texas/North Louisiana
region that had been withholding revenue payments in settlement of
unused firm capacity reservation fees. The prior month calculation
included $0.4 million of withheld revenues, related to 86,000 Mcf,
from November 2014 production. Due to higher natural gas commodity
pricing in November 2014, the inclusion of these revenues
positively impacted the average natural gas price received for the
prior month. Excluding the cash receipts and volumes associated
with these properties, the average price received for natural gas
in the prior month calculation would have been $2.20 per Mcf.
Total direct operating expenses, including lease operating
expenses, production and ad valorem taxes, and gathering and
transportation expenses, totaled $2.4 million, which was consistent
with the $2.3 million in the prior month distribution
calculation.
Actual capital costs incurred have continued to be less than
projected, resulting in a capital adjustment during the current
month calculation that increased net profits by $0.1 million.
Capital expenditures incurred during the current month distribution
period were $0.1 million, offset by $0.2 million of adjustments
related to projects where actual costs incurred were less than
projected. Capital expenditures relate to expenses incurred during
January 2016.
Enduro Resource Partners, the sponsor of the Trust (“Enduro”),
has withheld $100,000 from the current month’s net profits to
increase the previously established reserve for approved
development expenses. To date, Enduro has established a total
reserve of $850,000 for approved development expenses.
2015 Tax Information
Enduro Royalty Trust’s 2015 tax information booklet is complete
and available on the Trust’s website.
About Enduro Royalty Trust
Enduro Royalty Trust is a Delaware statutory trust formed by
Enduro Resource Partners to own a net profits interest representing
the right to receive 80% of the net profits from the sale of oil
and natural gas production from certain of Enduro Resource
Partners’ properties in the states of Texas, Louisiana and New
Mexico. As described in the Trust’s filings with the Securities and
Exchange Commission, the amount of the periodic distributions is
expected to fluctuate, depending on the proceeds received by the
Trust as a result of actual production volumes, oil and gas prices,
the amount and timing of capital expenditures, and the Trust’s
administrative expenses, among other factors. Future distributions
are expected to be made on a monthly basis. For additional
information on the Trust, please visit
www.enduroroyaltytrust.com.
Forward-Looking Statements and Cautionary Statements
This press release contains statements that are “forward-looking
statements” within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. All statements contained in this
press release, other than statements of historical facts, are
“forward-looking statements” for purposes of these provisions.
These forward-looking statements include the amount and date of any
anticipated distribution to unitholders and expected expenses,
including capital expenditures. The anticipated distribution is
based, in large part, on the amount of cash received or expected to
be received by the Trust from Enduro Resource Partners with respect
to the relevant period. The amount of such cash received or
expected to be received by the Trust (and its ability to pay
distributions) has been and will be significantly and negatively
affected by prevailing low commodity prices, which have declined
significantly, could decline further and could remain low for an
extended period of time. Other important factors that could cause
actual results to differ materially include expenses of the Trust
and reserves for anticipated future expenses. Statements made in
this press release are qualified by the cautionary statements made
in this press release. Neither Enduro Resource Partners nor the
Trustee intends, and neither assumes any obligation, to update any
of the statements included in this press release. An investment in
units issued by Enduro Royalty Trust is subject to the risks
described in the Trust’s filings with the SEC, including the risks
described in the Trust’s Annual Report on Form 10-K for the year
ended December 31, 2015, filed with the SEC on March 11, 2016. The
Trust’s quarterly and other filed reports are or will be available
over the Internet at the SEC’s website at http://www.sec.gov.
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version on businesswire.com: http://www.businesswire.com/news/home/20160321005054/en/
Enduro Royalty TrustThe Bank of New York Mellon Trust Company,
N.A., as TrusteeSarah Newell, 1-512-236-6555
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